2007 Audit Report
17 Pages
English
Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

2007 Audit Report

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
17 Pages
English

Description

YOUNG MEN'S CHRISTIAN ASSOCIATION BUFFALO NIAGARA (d/b/a YMCA BUFFALO NIAGARA) Financial Report December 31, 2007 CONTENTS INDEPENDENT AUDITORS' REPORT ON THE I FINANCIAL STATEMENTS 2 of financial position Statements 3 of activities Statement 4 — 5 Statements of cash flows 6 Statement of functional expenses 7 15 financial statements Notes to LLP Dopkins CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS INDEPENDENT AUDITORS' REPORT Board of Trustees To the of Directors and the Men's Christian Association Buffalo Niagara Young YMCA Buffalo Niagara) (d/b/a Buffalo, New York the Young Men's Christian audited the accompanying statements of financial position of We have December 31, 2007 and 2006, the Buffalo Niagara (d/b/a YMCA Buffalo Niagara) as of Association ended and the statements of activities and functional statements of cash flows for the years then related financial are the responsibility of the the year ended December 31, 2007. These expenses for opinion on these financial statements management. Our responsibility is to express an Organization's information has been derived from the audits. The 2006 summarized comparative based on our report dated April 2, 2007, we expressed an 2006 financial statements and, in our statements. opinion on those financial unqualified in the United States of accordance with auditing standards generally accepted We conducted our audits in reasonable assurance about standards require that we plan and perform the ...

Subjects

Informations

Published by
Reads 11
Language English

Exrait

YOUNG MEN'S CHRISTIAN ASSOCIATION
BUFFALO NIAGARA
(d/b/a YMCA BUFFALO NIAGARA)
Financial Report
December 31, 2007 CONTENTS
INDEPENDENT AUDITORS' REPORT ON THE
I FINANCIAL STATEMENTS
2 of financial position Statements
3 of activities Statement
4 — 5 Statements of cash flows
6 Statement of functional expenses
7 15 financial statements Notes to LLP Dopkins
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
INDEPENDENT AUDITORS' REPORT
Board of Trustees To the
of Directors and the
Men's Christian Association Buffalo Niagara Young
YMCA Buffalo Niagara) (d/b/a
Buffalo, New York
the Young Men's Christian audited the accompanying statements of financial position of We have
December 31, 2007 and 2006, the Buffalo Niagara (d/b/a YMCA Buffalo Niagara) as of Association
ended and the statements of activities and functional statements of cash flows for the years then related
financial are the responsibility of the the year ended December 31, 2007. These expenses for
opinion on these financial statements management. Our responsibility is to express an Organization's
information has been derived from the audits. The 2006 summarized comparative based on our
report dated April 2, 2007, we expressed an 2006 financial statements and, in our
statements. opinion on those financial unqualified
in the United States of accordance with auditing standards generally accepted We conducted our audits in
reasonable assurance about standards require that we plan and perform the audit to obtain America. Those
An audit includes examining, on a test financial statements are free of material misstatement. whether the
and disclosures in the financial statements. An audit also includes evidence supporting the amounts basis,
well significant estimates made by management, as as the accounting principles used and assessing
statement presentation. We believe that our audits provide a reasonable the overall financial evaluating
opinion. basis for our
fairly,' in all material statements of financial position referred to above present our opinion, the In
2007 and 2006, its of the YMCA Buffalo Niagara as of December 31, respects, the financial position
and its cash flows for the years ended net assets for the year ended December 31, 2007, changes in
with accounting principles generally accepted in the United December 31, 2007 and 2006 in conformity
States of America.
CERTIFIED ACCOUNTANTS PUBLIC
April 28, 2008
634-0001 International Drive, Buffalo, New York 1422 1-5794 • (716) 634-8800 • Toll Free (888) 200
634-8987 • www.dopkins.com • EmaH dopkins@dopkins.com Fax (7 1 6)
Member American nstitute of Public Accountants, Division for CPA Firms YMCA BUFFALO NIAGARA
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
ASSETS 2007 2006
Current Assets
341,366 283,554 Cash and cash equivalents $ $
20,080 21,176 Restricted cash
Accounts receivable, trade, less allowance for doubtful
779,980 615,873 accounts of $47,000 in 2007 and $38,000 in 2006
14,168 15,276 Interest receivable
97,267 108,665 Prepaid expenses
1,252,861 1,044,544 Total current assets
Other Assets
7,809,547 7,628,326 Investments
Bond issuance costs, net of accumulated amortization
215,763 243,053 of$159,191 in 2007 and $131,901 in 2006
5,057 5,057 Other
8,030,367 7,876,436
11,611,336 12,211,492 Property and Equipment, net
$ 20,894,564 21,132,472 Total assets $
LIABILITIES AND NET ASSETS
Current Liabilities
$ 485,380 495,050 maturities of long-term debt $
474,815 487,542 Accounts payable, trade
331,781 291,047 Accrued expenses
revenue 1,214,856 1,134,841 Deferred
current liabilities 2,506,832 2,408,480 Total
Debt, maturities 4,238,236 4,723,614 Long-Term less current
253,688 208,175 Interest Rate Swap
6,998,756 7,340,269 Total liabilities
Net Assets
10,368,080 9,927,277 Unrestricted
2,748,049 3,202,875 Temporarily restricted 779,679 662,051 Permanently
net 13,895,808 13,792,203 Total assets
and net assets $ 20,894,564 $ 21,132,472 Total liabilities
- 2 - See Notes to Financial Statements. YMCA BUFFALO NIAGARA
STATEMENT OF ACTIVITIES
Year Ended December 31, 2007
With Summarized Comparative Information for 2006
2007
Temporarily Permanently 2006
Restricted Total Total Unrestricted Restricted
Operating revenue:
Program service fees 4,628,153 $ $ - $ 4,628,153 $ 4,333,160 $
- 5,105,046 4,795,961 Membership fees 5,105,046
406,752 - 406,752 371,023 Fees and grants from governmental agencies
public 329,243 - 329,243 278,451 Sales to
- 243,077 307,242 Rental income 243,077
43,934 75,185 Miscellaneous 43,934
revenue 10,756,205 10,756,205 10,161,022 Total operating
Operating expenses:
Program services:
- 10,120,661 9,933,988 Branch and camp operations 10,120,661 -
Support services:
- 1,412,886 1,332,083 Management and general 1,412,886 -
draising 394,253 - - 394,253 326,902 Fun
- 1,807,139 1,658,985 Total support services 1,807,139 -
11,927,800 - - 11,927,800 11,592,973 Total operating expenses
(1,171,595) - - (1,171,595) (1,431,951) Operating
Non-operating revenue (expense):
117,628 202,478 219,788 Contributions 79,644 5,206
Humboldt (256,726) - - (256,726) - Contribution of net assets of facility
- 331,966 313,721 Special events 331,966 -
473,476 - - 473,476 406,232 Campaign - Strong Kids
169,515 165,099 - - 165,099 United Way
117,628 916,293 1,109,256 Total non-operating revenue 793,459 5,206
released from Net assets restrictions:
program restrictions 460,032 (460,032) - - - Satisfaction of - - - Total net assets released from restrictions
(454,826) 117,628 (255,302) (322,695) Change in net assets before investment activity 81,896
Investment activity:
404,420 - - 404,420 819,018 income
27,466 in value of interest rate swap liability - - (45,513) Change fair
- 358,907 846,484 358,907 -
103,605 523,789 Change net assets 440,803 (454,826) in
13,792,203 13,268,414 beginning of year 9,927,277 3,202,875 662,051 Net assets,
779,679 13,895,808 13,792,203 assets, end of year $ 10,368,080 S 2,748,049 5 $ $ Net
Notes to Financial Statements. - 3 - See YMCA BUFFALO NIAGARA
STATEMENTS OF CASH FLOWS
Years December 2007 Ended 31, and 2006
2007 2006
Flows From Operating Activities Cash
Change in net assets $ 103,605 $ 523,789
Adjustments change In assets to reconcile net
to net cash provided by operating activities:
Depreciation 830,150 822,269
Amortization 27,290 27,290
Realized gain on sale of investments (575,613) (242,259)
Gain sale of and equipment - (6,725) on property
Unrealized investment (gain) loss 394,884 (396,754)
Provision for doubtful accounts receivable 11,720 31,857
(2,076) (35,203) Contributions of marketable securities
Change in fair value of interest rate swap liability 45,513 (27,466)
Contribution of net assets of Humboldt facility 256,726 -
Change in assets and liabilities:
decrease in: (Increase)
Accounts receivable (1 85,972) (44,903)
1,108 (1,398) Interest
Prepaid expenses 11,398 226,136
Increase (decrease) in:
Accounts payable 5,241 (149,029)
40,734 (15,808) Accrued expenses
80,015 140,518 Deferred revenue
1,044,723 852,314 Net cash provided by operating activities
Cash Flows From Investing Activities
Purchases of property and equipment (504,688) (538,097)
- 6,725 Proceeds from sale of property and equipment from sale of investments 7,352,823 4,453,279
(7,351,239) (4,363,848) Purchase of investments
cash 1,096 (5,580) Net (increase) decrease in restricted
cash in investing activities (502,008) (447,521) Net used
Cash Flows From Financing Activities
capital campaign pledges 10,145 11,355 Restricted cash received from
- 19,143 Proceeds from long-term borrowings
(495,048) (474,756) Principal payments on long-term borrowings
financing (484,903) (444,258) Net cash used in activities
and equivalents 57,812 (39,465) Increase (decrease) in cash cash
and cash equivalents: Cash
283,554 323,019 Beginning
S 341,366 283,554 Ending $
Financial - 4 - See Notes to Statements. YMCA BUFFALO NIAGARA
STATEMENTS OF FLOWS (Continued) CASH
December 2006 Years Ended 31, 2007 and
2007 2006
Supplemental Disclosures of Cash Flow Information
237,432 271,015 Cash paid for interest S S
Supplemental Schedule Non-Cash Investing and Financing Activities of
Fixed asset purchases included in accounts payable S 27,320 S 45,287
Capital lease obligations incurred for use of equipment S - S 57,786
See Notes to Financial Statements, - 5 - YMCA BUFFALO NIAGARA
STATEMENT OF FUNCTIONAL EXPENSES
Year Ended December 31, 2007
With Summarized Comparative Information for 2006
PROGRAM SERVICES SERVICES TOTAL SUPPORT
Other
Health School Age Preschool Youth Community 2007 2006 Management Fund 2007 2006
Aquatics Enhancement Child Care Camping Develonment Programming Total 2007 2006 Services Total and General Raising Total Total
Salaries 521,925 1,329,232 1,188,641 1,091,037 475,304 383,796 68.668 S 5,058,603 4,765,270 636,252 5,832,604 5,468,900 S S $ S $ $ $ $ $ S 137,749 $.. 774,001 S 703,630 S $
Employee 68.168 benefits 38,352 124,615 87,563 26,946 21,951 10,640 378,235 348,262 101,267 20,517 121,784 116,989 500,019 465,251
Payroll taxes 49,858 140,626 121,213 107,706 45,545 37,809 7,573 510,330 502,852 585,789 576,3)3 65,891 9,568 • 75,459 73,461
Total salaries and
related expenses 610,135 1,594,473 1,378,022 1,286,306 547,795 443,556 86,881 5,947,168 5,616,384 803,410 167,834 971,244 894,080 6,918,412 6,510,464
Purchased services 94 6,318 607 28,483 2,544 84 303 38,433 41,360 126,723 76,040 . 202,763 170,744 241,196 212,104
Supplies 12,495 148,748 115,062 248,111 60,373 34,129 7,72! 626,639 595,132 33,282 84,668 . 117,950 95,767 744,589 690,899
Telephone 1,270 19,787 19,903 15,672 1,807 1,100 1,727 61,266 66.269 10,103 336 10,439 10,425 71,705 76,694
Postage and shipping 1,425 29,160 10,163 18,942 2,753 1,427 764 64,634 66,257 11,112 5,122 16,234 11,641 80,868 77,898
Occupancy 44,022 644,529 338,460 360,674 43,953 101,740 1,585,775 1,847,949 52,397 1,708,747 113,911 11,430 125,341 139,202 1,711,116
Equipment costs 3,460 64,753 23,188 39,977 5,297 8,558 2,184 147,417 166,008 33,670 9,816 43,486 28,179 190,903 194,187
Printing and publications 4,286 62,488 25,292 36,690 4,184 3,286 2,171 138,397 211,627 144,003 45,236 11,237 56,473 67,624 194,870
Travel 3,315 15,433 25,338 94,276 10,125 4,297 1,315 154,099 147,512 17,917 7,397 • 25,314 22,904 179,413 170,416
Training and meetings 8,312 15,357 12,709 14,304 4,271 2,191 424 57,568 61,946 89,823 18,077 •: 107,900 97,891 165,468
- - - - - - - - Investment expense - 42,682 - 42,682 40,389 42,682 40,389
Membership dues 3,736 48,534 22,915 23,226 4,707 3,953 2,521 109,592 109,959 21,887 1,395 • 23,282 21,542 132,874 131,501
Finance costs 11,150 234,308 34,919 18,502 22,705 691 378,834 384,618 2,451 2,486 7,011 381,320 391,629 56,559 35
Miscellaneous 377 4,449 1,196 7,130 560 - 37 13,749 25,847 329 866 1,195 1,973 14,944 27,820
Total expenses before
depreciation and amortization 704,077 2,888,337 2,029,414 2.208,710 715,315 569,239 208,479 9,323,571 9,134,042 1,352,536 394.253 • 1,746,789 1,609,372 11,070,360 10,743,414
Depreciation 20,844 402,480 135,733 151,324 29,897 33,568 23,244 797,090 799,946 33,060 - 33,060 22,323 830,150 822,269
- - - - - - - - Amortization - 27,290 - 27,290 27,290 27,290 27,290
$ 724,921 $ 3,290,817$ 2,165,147$ 2,360,034$ 745,212$ 602,807 5 231,723 S 10,120,661 5 9,933,988 1,412,886 $ 394,253 S 1,807,139 $ 1,658,985 S 11,927,800 $ 11,592,973
See Notes to Financial Statements. - 6 YMCA BUFFALO NIAGARA
NOTES TO FINANCIAL STATEMENTS
Nature Organization and Significant Accounting Policies Note 1. of
Nature of organization:
Buffalo Niagara) The Young Men's Christian Association Buffalo Niagara (d/b/a YMCA
(YMCA the Organization) is a nonprofit organization with the following mission or
statement:
"The YMCA Buffalo Niagara is an inclusive association of people committed to a
common help individuals and families reach their fullest potential in terms of effort to
Spirit, Mind Body." and
The YMCA achieves this through a system of six full facility branches, one partial facility
branch, a resident camp, two day camps, and more than fifty community-based locations in
30,000 members Western New York. The YMCA delivers a variety of programs to more than
with fees, private contributions and annually, which is accomplished mainly member
governmental grants.
endowment funds and specific land, building and equipment through a The YMCA manages
Trustees. The YMCA also nianages their day-to-day operations under the oversight Board of
its Board of Directors. of
YMCA of the USA:
Christian Organization is a member association of the National Council of Young Men's The
an independent Associations of the United States of America. The Organization is
but separate from the National Council. autonomous organization, recognized as a member,
requirements to remain a member. The Organization must meet annual certification
Organization's significant accounting policies follows: A summary of the
Contributions:
unless specifically All contributions are considered to be available for unrestricted use
restricted by the donor.
restricted support if they are received The YMCA reports gifts of cash and investments as
donor stipulations that limit the use of the donated assets. When a donor restriction with
restriction is accomplished, expires, that is, when a stipulated tinie restriction ends or purpose
net assets are reclassified to unrestricted net assets and the related temporarily restricted
statement of activities as net assets released from restrictions. reported in the
unless YMCA reports gifts of land, buildings and equipment as unrestricted support The
long-lived donor stipulations how the donated assets must be used. Gifts of explicit
of cash or explicit restrictions that specify how the are to be used and gifts assets with
restricted support. other assets that must be used to acquire long-lived assets are reported as
ived assets must be maintained, Absent explicit donor stipulations about how long those long-i
when the donated or acquired long-lived the YMCA reports expirations of donor restrictions
assets are placed in service.
-7- YMCA BUFFALO NIAGARA
NOTES TO FINANCIAL STATEMENTS
Policies (Continued) Note 1. Nature of Organization and Significant Accounting
Contributions (continued):
same reporting period are Donor restricted contributions whose restrictions are met in the
activities. reported as unrestricted support in the statement of
Cash and cash equivalents:
cash accounts, except for cash and cash equivalents designated The Organization includes all
withdrawal investment by the Board of Directors, which are not subject to for long-term
penalties, as cash equivalents. restrictions or
times, may exceed YMCA maintains its cash in bank deposit accounts which, at The
in such accounts. The federally insured limits. The YMCA has not experienced any losses
credit risk cash and cash equivalents. YMCA believes it is not exposed to any significant on
Restricted cash:
cash restricted for the payment of principal on the adjustable rate Restricted cash consists of
that were issued to provide funds for construction of the civic facility revenue bonds
Southtowns facility (see Note 5).
trade: Accounts receivable,
less an estimate made for receivable, trade are carried at original invoice amount Accounts
amounts. Management receivables based on a monthly review of all outstanding doubtful
identifying troubled accounts and using determines the allowance for doubtful accounts by
Trade receivables are written off when historical experience applied to an aging of accounts.
receivables previously written off are recorded deemed uncollectible. Recoveries of trade
receivable receivable is considered to be past due if any portion of the when received. A trade
past its original due date. balance is outstanding
Investments:
mutual funds and investments in debt and marketable equity securities, The YMCA has
of the U.S. government market funds. Debt securities consist primarily of obligations money
securities consist primarily of common stocks and domestic corporations. Marketable equity
exchanges. that are traded or listed on national
unrealized holding gains and losses Investments are reported at fair value, with realized and
reported in the statement of activities.
marketable is recognized in income as earned, and dividends on Interest on debt securities
are recognized in income when declared. Realized gains and losses equity securities are
the specific securities sold. determined on the basis of
-8-